PPI - Am I more likely to be given a loan if I opt for

Milky_Mocha

I'm about to apply for a loan and am wondering if any insiders can give their opinions as to whether I'm more likely to be accepted if I opt for loan protection. If so then I will apply with this then cancel the protection after all paperwork is done. The PPI makes a big difference to the repayments.

Any thoughts?

emmareid

HI
Whether or not you have PPi does not make any difference to your applications for the loan, but if you do take the PPI you can cancel it at any time during the loan

maxamos

I don't know how true this is but I applied for a loan a couple of days ago and they seemed to indicate that if I didn't take out the loan protectio that I either might not get the loan or I would not be offered the same rate. I took the loan out with the protection and then waited for the money to be deposited into my bank account, I then phoned up and cancelled the protection stating that I had found a supplier of protection for a lot less and that I believed the protection was opptional. The protection was cancelled saving me around £70 a month.

So in essence you may be more likely to get a loan or get a better deal if you take the protection but you have thirty days in which to cancel it so it's probably worth saying yes to it.

I'd wait and get a bit better advise than I can provide though

HTH

Max

maxamos

Just a slight ammendment

I asked the question with regard to PPI on this thread and got a few useful tips

http://forums.moneysavingexpert.com/showthread.html?t=205596

max